McLaren is F1’s biggest spender – report

McLaren has leapfrogged Ferrari and Toyota to assume the dubious honor of having the biggest budget in formula one.

According to the specialist magazine Business F1, the Woking based camp added an extra (US) $46m to its books for 2007 to compile an annual spend of nearly $500m in total.

In a report of the newspaper El Mundo Deportivo, it is claimed that McLaren's nearly 10 per cent budget increase compared to last year is almost certainly due to the signing of reigning world champion Fernando Alonso and the resulting key sponsorships with Spanish companies like Santander.

Business F1 adds that Toyota, previously thought to be at the top of spending lists, has dropped behind its rivals after cutting its budget for this year.

In contrast, Honda is spending more than last year, despite failing to shine on-track with its RA107 racer.

Reigning world champions Renault, meanwhile, spend less than all the aforementioned teams, including Ferrari and BMW.